Deal Description: April 19, 2019 - Southern Power, a leading U.S. wholesale energy provider and subsidiary of Southern Company, announced late Thursday that it has entered into an agreement to sell the Nacogdoches Generating Facility to Austin Energy for $460 million.

The 115-megawatt (MW) plant serves electricity needs in Austin, Texas under a long-term power purchase agreement with Austin Energy.  The $460 million purchase price is subject to customary closing adjustments.  The transaction is expected to close in mid-2019, subject to customary closing conditions.

Baker Botts was Southern Power’s primary outside counsel in this transaction.

Target: Southern Power to sell the Nacogdoches Generating Facility to Austin Energy

Outside Counsel to Southern Power: Baker Botts L.L.P.

Financial Advisors to Southern Power: Barclays

Other Parties: Austin Energy

Outside Counsel to Austin Energy: Husch Blackwell LLP

Financial Advisors to Austin Energy: JPMorgan

Value: US $460 Million

Baker Botts Lawyers/Office Involved:

Corporate: Bill Lamb (Partner, New York); Jonathan Bobinger (Partner, Houston); Susan Toumanian (Associate, Washington, D.C.); Allison Lancaster (Associate, Austin); Brian Garrott (Associate, Austin); Grace Matthews (Associate, Austin)

Employee Benefits: Chris Pratt (Special Counsel, Houston)

Tax: Don Lonczak (Partner, Washington, D.C.)

Real Estate: Joel Overton (Special Counsel, Dallas)

Environmental: Aileen Hooks (Partner, Austin)

Global Projects: Elaine Walsh (Partner, Washington, D.C.)

Finance: Robert Wann (Partner, New York); Martin Toulouse (Partner, New York)

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